Canadian Press becomes for-profit service

Three of its biggest members are the new owners of The Canadian Press news agency. Torstar, The Globe and Mail and Square Victoria Communications Group, the parent company of Gesca Ltée, which owns La Presse, are now equal partners in a new venture that transforms the 93-year-old newspaper co-operative into a for-profit business named Canadian Press Enterprises Inc. Under the new structure, CP will retain its editorial independence and existing members will not face an immediate rate increase for the service.

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